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XRP experienced a significant drop on Oct. 9, falling below $2.80 for the first time since Sept. 28, causing its market capitalization to slip below $170 billion. However, one crypto analyst maintains that XRP has a strong bullish outlook.
Current Market Downturn and Holder Concern
A week after peaking just under $3.10, XRP briefly fell below $2.80 on Oct. 9—its lowest level since Sept. 28. The decline pushed its market capitalization below $170 billion and triggered concern among holders, especially as XRP slipped behind BNB and USDT in market cap rankings.
Despite being one of the best-performing high-cap altcoins over the past year, XRP has generally trended downward since reaching its all-time high of $3.66 on July 18. While some critics argue that the asset may have already peaked in this cycle, crypto analyst and trader Casitrades maintains that XRP’s technical setup remains strong, with a breakout still likely.
Although she acknowledges the lack of significant movement in recent weeks, Casitrades points to local support levels as a reason for optimism. She notes that with the consolidation pattern now complete, XRP’s next uptrend could begin “any day now.”
Technical indicators show that XRP continues to hold above the key macro support level of $2.79, reinforcing its structural strength. However, sentiment among holders has turned cautious, particularly as BNB has captured market attention with its sustained rally.
XRP’s Extended Consolidation vs. BNB’s Sustained Rally
Unlike XRP, which struggled to maintain momentum after its July peak, BNB has climbed steadily from $740 on July 18 to a high of around $1,330 on Oct. 8. Although it pulled back to $1,280 the following day, BNB’s corrections have been relatively mild, allowing it to retain most of its gains.
This contrast has led some observers to speculate that XRP may be entering another extended consolidation phase before its next breakout. Casitrades, however, argues that the long buildup before XRP’s previous breakout is a sign of untapped potential.
“Let me remind you, XRP consolidated for SEVEN years before breaking out from $0.50 to $3.66. That kind of consolidation is not meaningless. I also don’t think its purpose was just to reach the previous ATH,” she wrote in a post on X. “Currently, subwaves are getting constricted, which is why extensions are being limited to $4.50 and $6.50. However, the macro targets of $8–$13 remain entirely possible if momentum continues strong.”